The association of Russian banks was offered to consider the possibility of opening limits of trade financing for the Kazakhstani STB

/IRBIS, September 14, 2011/ - 05/06 September 2011 in Aktau was held 13th session of the Sub-Commission on the interbank and investment cooperation between Kazakhstan and the Russian Federation, organized by the National Bank of Kazakhstan, reported the press service of the National Bank Part in this event was taken by representatives of the central (national) banks of the Republic of Kazakhstan and the Russian Federation, Akimat Mangistau region, second-tier banks of Kazakhstan and the commercial banks of the Russian Federation, Association of Banks of the Republic of Kazakhstan and the Russian Federation, Committee for Financial Monitoring of the Ministry of Finance of the Republic of Kazakhstan JSC "Kazakhstan Stock Exchange", JSC "Entrepreneurship Development Fund" Damu ", as well as the Interstate Bank, the Moscow Interbank Currency Exchange, National settlement depository. Co-Chairman of the Kazakh part of the Sub-Commission is the Deputy Chairman of the National Bank of Kazakhstan Akishev Daniyar Talgatovich, co-chairman of the Russian part - Deputy Chairman of the Central Bank of the Russian Federation Sergey A. Shvetsov. As stated in the meeting the participants of the Kazakh and Russian sides discussed several issues of the Sub-Commission cooperation. They discussed issues of continuing the exchange of information on the state of the economy and the banking sectors of Russia and Kazakhstan. The parties also agreed at the next regular meeting of the Sub-Commission to consider the issues of regulation of derivatives in the Republic of Kazakhstan and the Russian Federation, and mechanisms to protect the rights of consumers of financial services. JSC "Small Entrepreneurship Development Fund "Damu" was informed of the measures of state support of small and medium business in Kazakhstan. Issues related to operations of moving cash Russian rubles between the Russian Federation and the Republic of Kazakhstan, and the statistics of external and mutual trade within the Customs Union were discussed. The meeting recognized expedient to work together to monitor the movement of cash between Russian Rubles Russian Federation and the Republic of Kazakhstan, to identify the sources of supply and receipt of ruble cash in Kazakhstan, as well as to bring the question of the necessity of the establishment of quality statistics of bilateral trade within the Customs Union to the Commission of Customs Union. The Development Committee of the Regional Financial Centre of Almaty City National Bank of Kazakhstan (KRRFTSA), Moscow Interbank Currency Exchange and National Settlement Depository informed about the issues of stock markets of both countries and measures to facilitate investment professionals and the Republic of Kazakhstan in Russian securities. During the discussion, the parties recommended that the regulators of the two countries, JSC "Kazakhstan Stock Exchange" and the Moscow Interbank Currency Exchange to consider issues of mutual tolerance of professional securities market participants, issuers of securities of Kazakhstan and Russia on the national stock markets. Advanced KRRFTSA reported on ongoing work on development of remote membership of JSC "Kazakhstan Stock Exchange" (currency section). "The meeting paid much attention to the development of cooperation between second-tier banks of Kazakhstan and the Russian Federation, commercial banks, exchange of information about the main directions, priorities and problematic issues of Russian-Kazakh cooperation in interbank transactions. Given the need for the development of interbank relations, Association of Russian banks were requested to inform their members about considering the possibility of opening for second-tier banks of Kazakhstan limits of trade finance, with the aim of reducing costs with the release of guarantees and letters of credit transactions involving companies in Kazakhstan and the Russian Federation, as well as opening credit lines for operations on treasury products" - was stated in the message. In addition, the parties exchanged information on the implementation of the Agreement on cooperation in organizing an integrated currency market of the - members of the Eurasian Economic Community, and agreed on considering the integration of payment systems of the two countries at the next meeting of the Sub-Commission. [2011-09-14]